A residential property management company can be an invaluable resource to a property owner. This is largely because property owners often have a vision that their real estate investment will make them rich with little or no work. But what most property owners are never prepared for is how to handle maintenance emergencies involved in managing real estate and tenants.
Even minor repairs can become major problems such as backed up drains or toilets that if not repaired quickly can cause much more expensive damage. An experienced residential property management company will have the right contractors just a phone call away and can resolve quickly. Otherwise the problem can get much worse and the tenant might claim you have failed to meet your contractual obligation to provide safe living conditions and withhold rent.
Some of the difficulties in working with contractors include finding ones that are reliable as well as finding contractors who bid a fair price. A real estate investor is typically not as familiar as a residential property manager would be when it comes to market prices for particular repairs.
A residential property manager would also be more likely to have an understanding of the processes required for a repair to ensure it is solid and that you are getting your money's worth. Having the skills to proactively repair a potential issue can pay off considerably. For example, a residential property management company would be able to gauge whether a few bathroom tiles needed to be replaced or whether the drywall was actually the source of the damage and a more extensive repair would eliminate the potential for issues such as mold.
A property owner should seriously consider the skill set of that a residential property management company can bring to the table in order to ensure the real estate investment is adequately handled. It will only take one preventable repair issue or botched contractor job to make it clear the added knowledge and skills of a property manager would have benefit your real estate investment.
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Mike Lautensack is the President of Del Val Realty & Property Management ("Del Val"). Del Val is one of the leading FULL SERVICE residential property management companies serving Philadelphia and western suburbs. Del Val advises property owners how to build wealth and financial security through hassle-free ownership of rental real estate with our NO “Hassle” FULL Service Management Program. This proven management system allows owners to enjoy the financial benefits of cash flow, tax savings, and wealth creation. All this while it GUARANTEES you will never have to deal with maintenance or tenant issues.